Toshiba Reports Loss for Half, but Memory Business Records Strong Performance

Toshiba Corporation of Tokyo, Japan, reported results for its six-month fiscal period ending on September 30, 2017, with net sales up 115.5 percent to 2.3 trillion yen ($21,116.9 million), and a net loss of 49.8 billion yen ($440.6 million).

Last month, Toshiba had said that it expects to record a net loss of nearly $970 million (110 billion yen) for its fiscal year that will end on March 31, 2018 after taking into account taxes related to its proposed sales of its memory-chip business, Toshiba Memory Corporation.

The company’s Storage and Electronic Device Solutions, including its memory-chip business – which Toshiba is seeking to sell for $18 billion in order to cover losses incurred by its Westinghouse Electric Company subsidiary – continued to see sales increases and reported a 76-percent increase in operating profit for the period.

Although Toshiba reported a loss for the period, it reported operating income of 231.8 billion yen ($2,051.0 million), an improvement of 138.6 billion yen.

Toshiba’s Retail and Printing Solutions’ business saw flat sales, “reflecting the sale of a Retail business subsidiary,” although the Retail and Printing business both “recorded solid performance.”

Toshiba Chief Financial Officer Masayoshi Hirata said in an earnings briefing that, in addition to selling its memory-chip business to a consortium led by Bain Capital, it may also scale back its TV and PC businesses.

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